This indicator suggests the S&P 500 could hit 5800 by end of 2024

Source Investing

The S&P 500 is up more than 11% year-to-date with major brokerage firms on Wall Street raising their price targets in recent days.

Historical data suggests that when the S&P 500 experiences a 10% or more increase over the first 100 days of the year, it tends to continue rising.

The average return for the remainder of such years is 7.1%, with a median of 9.3%, according to Bank of America (NYSE:BAC) analysis.

"This equates to SPX 5640 to 5750 into yearend 2024. The average and median rest of year returns for all years going back to 1928 of 5.0% and 7.3%, respectively, point to SPX 5530 to 5650 into yearend," the report said.

The S&P 500's performance in the first 100 days of 2024 is particularly important as it occurs during a Presidential election year, which typically sees more modest gains.

Historically, the index is up 63% of the time during such periods, with an average return of -0.9% and a median return of 0.8%.

The 10.4% YTD gain for 2024 ranks as the second-best start in an election year since 1928, which saw a 12.5% increase.

Further strengthening the positive outlook, when the S&P 500 has risen in the first 100 days of a Presidential election year, the rest of the year has followed suit 93% of the time. The average return for these periods is an impressive 10.1%, with a median return of 8.9%.

In terms of the S&P 500, this could translate to a year-end target of 5800 and 5730, respectively.

Overall, historical patterns for all election years show the index up 88% of the time, with average and median returns of 8.8% and 8.5%, indicating a potential range of 5730 to 5700 for the S&P 500 by the close of 2024.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold rallies to two-week high as USD softens on Iran deal hopes, receding Fed hike betsGold (XAU/USD) attracts buyers for the second consecutive day and surges past the $4,100 mark to hit a nearly two-week high during the Asian session on Wednesday.
Author  FXStreet
12 hours ago
Gold (XAU/USD) attracts buyers for the second consecutive day and surges past the $4,100 mark to hit a nearly two-week high during the Asian session on Wednesday.
placeholder
Today’s Market Recap: Dow and S&P 500 Hit Fresh Record Highs, Tech Stocks Lead Gains, Palantir Surges 29%, ARM Rises Over 17%Tracking the Market TrendTradingKey - Global risk appetite rebounded significantly, with major asset classes strengthening in tandem. Driving factors included the decline in risk premiums following th
Author  TradingKey
21 hours ago
Tracking the Market TrendTradingKey - Global risk appetite rebounded significantly, with major asset classes strengthening in tandem. Driving factors included the decline in risk premiums following th
placeholder
Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US dataHere is what you need to know on Tuesday, August 4:
Author  FXStreet
Yesterday 10: 07
Here is what you need to know on Tuesday, August 4:
placeholder
WTI trades with positive bias below mid-$79.00s on Iran uncertainty, supply concernsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.
Author  FXStreet
Yesterday 01: 24
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.
placeholder
Bitcoin Falls Below $63,000; Can US-Iran Negotiations Reverse the Downtrend?Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec
Author  TradingKey
Aug 03, Mon
Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec
goTop
quote